Connor Clark & Lunn Investment Management Ltd. Sells 43,897 Shares of Great Lakes Dredge & Dock Corporation $GLDD

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Great Lakes Dredge & Dock Corporation by 22.4% during Q1, now holding 152,502 shares valued at approximately $1.3 million.
• Institutional ownership of Great Lakes Dredge & Dock stands at 89.11%, with several firms buying shares and increasing their stakes recently.
• Analysts have upgraded the company's stock rating, with Zacks Research and Wall Street Zen both indicating a shift to "strong-buy" and "buy" ratings, respectively.

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD - Free Report) by 22.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 152,502 shares of the construction company's stock after selling 43,897 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.22% of Great Lakes Dredge & Dock worth $1,327,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Victory Capital Management Inc. raised its position in Great Lakes Dredge & Dock by 19.6% in the 1st quarter. Victory Capital Management Inc. now owns 116,000 shares of the construction company's stock worth $1,009,000 after buying an additional 19,000 shares during the last quarter. GAMMA Investing LLC raised its position in Great Lakes Dredge & Dock by 800.5% in the 1st quarter. GAMMA Investing LLC now owns 16,965 shares of the construction company's stock worth $148,000 after buying an additional 15,081 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Great Lakes Dredge & Dock by 14.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,724 shares of the construction company's stock worth $2,752,000 after buying an additional 30,394 shares during the last quarter. Minerva Advisors LLC grew its stake in shares of Great Lakes Dredge & Dock by 3.6% during the 1st quarter. Minerva Advisors LLC now owns 1,389,807 shares of the construction company's stock valued at $12,091,000 after purchasing an additional 48,000 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Great Lakes Dredge & Dock during the 4th quarter valued at about $2,322,000. Hedge funds and other institutional investors own 89.11% of the company's stock.

Insider Activity

In related news, Director Ronald Steger sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $11.59, for a total transaction of $57,950.00. Following the completion of the transaction, the director directly owned 20,404 shares in the company, valued at approximately $236,482.36. The trade was a 19.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.20% of the company's stock.

Great Lakes Dredge & Dock Stock Performance

Shares of Great Lakes Dredge & Dock stock traded up $0.04 during trading hours on Thursday, reaching $11.49. 245,967 shares of the stock traded hands, compared to its average volume of 443,270. The company has a 50 day moving average price of $11.49 and a 200 day moving average price of $10.29. The firm has a market capitalization of $781.32 million, a price-to-earnings ratio of 10.94, a P/E/G ratio of 0.94 and a beta of 1.35. Great Lakes Dredge & Dock Corporation has a one year low of $7.51 and a one year high of $12.89. The company has a quick ratio of 1.02, a current ratio of 1.15 and a debt-to-equity ratio of 0.87.

Great Lakes Dredge & Dock (NASDAQ:GLDD - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The construction company reported $0.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.08 by $0.06. The company had revenue of $193.76 million during the quarter, compared to the consensus estimate of $177.70 million. Great Lakes Dredge & Dock had a return on equity of 15.61% and a net margin of 8.63%. On average, equities research analysts expect that Great Lakes Dredge & Dock Corporation will post 0.69 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

GLDD has been the subject of a number of recent research reports. Zacks Research upgraded Great Lakes Dredge & Dock to a "strong-buy" rating in a research note on Tuesday, August 12th. Wall Street Zen upgraded Great Lakes Dredge & Dock from a "hold" rating to a "buy" rating in a research note on Monday, May 19th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to data from MarketBeat.com, Great Lakes Dredge & Dock presently has a consensus rating of "Strong Buy" and an average target price of $14.00.

Great Lakes Dredge & Dock Profile

Great Lakes Dredge & Dock Corp. engages in the provision of dredging services. Its projects include channel and port maintenance, channel deepening and port expansion, coastal protection and restoration, as well as land reclamation. The company was founded by William A. Lydon and Frederick C. Drews in 1890 and is headquartered in Houston, TX.